What is the TDS rate for salary?
What is the TDS rate for salary?
Slabs for Deduction from Employees-
| Income | Tax Rate |
|---|---|
| Upto `3,00,000 | Nil. |
| `3,00,001 to `5,00,000 | 5% |
| `5,00,001 to `10,00,000 | `10,000 + 20% of Income exceeding `500,000. |
| Above `10,00,000 | `1,10,000 + 30% of Income exceeding of `10,00,000. |
How is tax deducted from salary calculated?
Total Deductions = Professional tax + EPF (Employee Contribution) + EPF (Employer Contribution) + Employee Insurance. Total Deductions = Rs 2,400 + Rs 21,600 + Rs 21,600 + Rs 3,000 = Rs 48,600. Take-Home Salary = Rs 7,50,000 – Rs 48,600 = Rs 7,01,400.
What is the TDS for 50000 salary?
TDS Rate Chart
| Annual Income | Tax Rates |
|---|---|
| Up to Rs.2,50,000 | Nil |
| Rs.2,50,001-Rs.5,00,000 | 5% |
| Rs.5,00,001-Rs.10,00,000 | Rs.12,500 + 20% of income above Rs 5 lakhs |
| Above Rs.10,00,000 | Rs.1,12,500 + 30% of income above Rs 10 lakhs |
On what amount TDS is deducted?
Liability to deduct TDS and TDS rate TDS is to be deducted at the rate of 2 % on payments made to the supplier of taxable goods and/or services, where the total value of such supply, under an individual contract, exceeds Rs. 2,50,000.
What was the TDs rate for FY 2013-14?
Applicable TDS Rates are same as were in force for F.Y. 2013-14 except the changes specified below. I. Rates for deduction of income-tax at source during the financial year 2013-14 from certain incomes other than “Salaries”.
Are there any tax surcharges for FY 2012-13?
There will be no surcharge on income tax payments by individual taxpayers during FY 2012-13 (AY 2013-14). 2.3.1 Education Cess on Income tax: The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.
How is income tax calculated for the year 2013-14?
SECTION 192 OF THE INCOME-TAX ACT, 1961: BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM “SALARIES”: 3.1 Method of Tax Calculation: Every person who is responsible for paying any income chargeable under the head “Salaries” shall deduct income-tax on the estimated income of the assessee under the head “Salaries” for the financial year 2013-14.